The drop in the oil price today follows a furious rally seen over the past few trading sessions. Futures rose more than 20% from last Thursday through Tuesday afternoon. Early yesterday, WTI oil traded at $50.88, a 2.6% increase from Monday night. Brent oil had an outstanding performance last week when it surged 8% on Friday – its biggest one-day gain since 2009.

According to CNBC, the crude oil price today posted its largest one-day percentage drop since Nov. 28. That was the day OPEC announced its decision to maintain production.

The oil price drop came after another weekly supply announcement. The U.S. Energy Information Administration reported crude oil supplies rose by 6.3 million barrels to 412.1 million in the week ended Jan. 30. Analysts surveyed by The Wall Street Journal expected a gain of only 3.7 million.

The EIA's weekly data going back to 1982 reports supply is at the highest level ever. According to its monthly data, which doesn't line up perfectly with the weekly data, inventories haven't been this high in 85 years.

This Metal to Head Higher in 2015… Gold has seen better days. It's been down for three years. But thanks to growing demand in Asia, gold will bounce back in 2015. Money Morning Resource Specialist Peter Krauth recommends two great ways you can add the precious metal to your portfolio – get started here…

By submitting your email address you will receive a free subscription to Money Morning and receive Money Morning Profit Alerts. You will also receive occasional special offers from Money Map Press and our affiliates. You can unsubscribe at anytime and we encourage you to read more about our privacy policy.

You can view our VQScore top-rated stocks now by entering your email below:

By submitting your email address you will receive a free subscription to VQScore and occasional special offers from Money Map Press and our affiliates. You can unsubscribe at anytime and we encourage you to read more about our privacy policy.

Today's Markets

DJIA-395.78(-1.56%)25,017.44

NASDAQ-219.39(-3.03%)7,028.48

S&P-45.54(-1.66%)2,690.73

ABOUT MONEY MORNING

Money Morning gives you access to a team of ten market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.

By submitting your email address you will receive a free subscription to Money Morning and receive Money Morning Profit Alerts. You will also receive occasional special offers from Money Map Press and our affiliates. You can unsubscribe at anytime and we encourage you to read more about our privacy policy.